France:
New Electronic Payment Rules For VAT In France
07 October 2015
TMF Group BV
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Local and foreign companies in France will soon be
required by law to pay VAT by direct debit
From 28 October 2015 it will be compulsory for French companies
to pay VAT by direct debit. The same rule applies to foreign
companies (where they have a non-resident VAT registration in
France) as of 1 December.
The penalty for not complying with the new rule will be a fine
of 60 euros for each offence.
Banks will be taking the amount directly from company bank
accounts on or after the 20th of each month/quarter, so it is
necessary to make the appropriate account arrangements in
advance.
It is important for companies to note that a French bank account
is not required to fulfill the VAT payment obligation; alternative
bank account information, including Swift and IBAN, can be
provided.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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